An investor wants to add ten floors to a Downtown Miami building that is ninety-year-old and possibly convert it into a hotel.
Dream Downtown LLC, which includes an investor group from France, paid $9.2 million for the seven-story Dade-Commonwealth building, at 139 Northeast First Street last month.
The new owner plans to begin redevelopment the building in 18 months, he told The Real Deal. It could become a Dream Hotel, TRD speculates.
The building was built in 1925 at 17 stories. It was shortened a year later to seven stories after being damaged in the 1926 hurricane. It hasn’t passed Dade’s 40-year recertification, which complicated financing.
